Hamilton State Bancshares in Hoschton, Ga., has agreed to acquire the $130 million-asset Highland Financial Services in Marietta, Ga.
The deal, announced Friday, would be Hamilton's seventh acquisition since late 2008, according to Federal Deposit Insurance Corp. data. Its last acquisition was in early 2014, when it bought Cherokee Bank in Canton, Ga. The $1.6 billion-asset company has also acquired four failed banks.
Hamilton said in the news release that the deal is expected to close in the fourth quarter, pending regulatory and shareholder approval. Financial terms of the sale were not disclosed.
Highland is the parent of Highland Commercial Bank, which has offices in Marietta and Smyrna, and Hamilton is the holding company for Hamilton State Bank, which has 26 branches in north Georgia. Both companies were founded in 2004, according to the FDIC.
Highland Commercial is expected to be merged into Hamilton State Bank.